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G20 agrees on Automatic Tax Data Sharing

A new global standard will be effective by the end of 2015 for automatically exchanging information between tax authorities, as agreed last 23 February 2014 in Sidney.

A decision on the technology needed and detailed rules on how governments will swap tax data is likely to be made at a G-20 meeting in September 2014. The new standard would allow countries to automatically exchange information gathered from their financial institutions on an annual basis and it will set out common due diligence procedures to be followed by financial institutions.